Innoviva

INVA · NASDAQ

$21.28+$0.20 (+0.95%)TodayMarket closed · Oct 20, 5:21 PM ET

Prev close $21.08

INVA analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $35.70 (+67.8% upside)

Low: $18.18
Now: $21.28
High: $48.30

Upgrades and downgrades

The latest rating actions, newest first

INVA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Oppenheimer	Sep 23, 2026	Initiates	Outperform	$35.00	59%
Cantor Fitzgerald	Aug 7, 2026	Maintains	Overweight	$36.00 → $34.00	39%
BTIG	Jun 22, 2026	Maintains	Buy	$42.00	34%
HC Wainwright & Co.	Jun 1, 2026	Maintains	Buy	$46.00	43%
BTIG	May 26, 2026	Maintains	Buy	$42.00	34%
BTIG	May 7, 2026	Maintains	Buy	$35.00 → $42.00	34%
BTIG	Feb 26, 2026	Maintains	Buy	$35.00	34%
BTIG	Feb 17, 2026	Initiates	Buy	$35.00	34%
HC Wainwright & Co.	Dec 16, 2025	Maintains	Buy	$45.00 → $46.00	43%
Cantor Fitzgerald	Nov 6, 2025	Maintains	Overweight	$29.00 → $31.00	39%

The case for and against

Updated Oct 14, 2026

Bull case

Innoviva is supported by a durable royalty engine from COPD/asthma assets like Breo/Ellipta, Anoro, and Trelegy, while its internal medicine franchise is scaling quickly, with 1Q26 revenue of $98M, cash and equivalents of $603.1M, and $92.6M of receivables. Its hospital-focused IST business showed 26% y/y U.S. revenue growth to $36.6M in 2Q26, led by Giapreza and XacDuro, and management sees meaningful runway from XacDuro’s resistance-driven adoption, potential China royalties, and Nuzolvence expansion. The outlook is further strengthened by capital-efficient pipeline and strategic investments, including Nortiva Bio’s LYNX platform, Armata’s phage-based antibiotics, and a disciplined acquisition strategy targeting late-stage infectious disease assets with limited competitive bidding.

Bear case

Innoviva is facing a weakening fundamental backdrop as royalty revenue came in at $59.8M, down 11% year over year, while GSK cited U.S. pricing pressure and softer inhaled-respiratory demand, and FactSet consensus for 2026/2027 has fallen about 6% to 7%. The outlook is further pressured by flattish Zevtera sales near $0.4M, a substantial cut to longer-term product expectations, and a downgrade in royalty revenue estimates by 4% to 9%, suggesting limited visibility into meaningful organic growth. Valuation is also vulnerable to non-operating assets, as Armata’s ~28% decline in 3Q26 implied up to a $65M negative fair value adjustment, while capital-allocation risk and potential competition for Relvar/Breo and Anoro could erode future returns.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.